Why is the SNP putting so much emphasis on currency plans?
The SNP (Scottish National Party) have made a big thing during their conference this weekend about their plans for their currency should they gain independence from the UK. However, their current key tenet appears to be rejoining the EU - at which point, surely, they would be obliged to join the Euro as soon as the necessary economic conditions were met?
How are they resolving this obvious conflict, if at all?
scotland euro scottish-national-party
asked 2 hours ago
Nick CNick C
621312
add a comment |
The SNP (Scottish National Party) have made a big thing during their conference this weekend about their plans for their currency should they gain independence from the UK. However, their current key tenet appears to be rejoining the EU - at which point, surely, they would be obliged to join the Euro as soon as the necessary economic conditions were met?
How are they resolving this obvious conflict, if at all?
scotland euro scottish-national-party
asked 2 hours ago
Nick CNick C
621312
It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago
add a comment |
The SNP (Scottish National Party) have made a big thing during their conference this weekend about their plans for their currency should they gain independence from the UK. However, their current key tenet appears to be rejoining the EU - at which point, surely, they would be obliged to join the Euro as soon as the necessary economic conditions were met?
How are they resolving this obvious conflict, if at all?
scotland euro scottish-national-party
asked 2 hours ago
Nick CNick C
621312
The SNP (Scottish National Party) have made a big thing during their conference this weekend about their plans for their currency should they gain independence from the UK. However, their current key tenet appears to be rejoining the EU - at which point, surely, they would be obliged to join the Euro as soon as the necessary economic conditions were met?
How are they resolving this obvious conflict, if at all?
scotland euro scottish-national-party
scotland euro scottish-national-party
asked 2 hours ago
Nick CNick C
621312
asked 2 hours ago
Nick CNick C
621312
asked 2 hours ago
Nick CNick C
621312
asked 2 hours ago
Nick CNick C
621312
asked 2 hours ago
Nick CNick C
621312
621312
It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago
add a comment |
It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago
It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago
It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago
add a comment |
1 Answer
1
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The SNP's long term goal is independence for Scotland. During the last referendum on the subject, the issue of which currency Scotland would use was an important point of contention. The legal situation is somewhat unclear and, possibly as a tactic to convince voters to remain in the UK, the UK national government suggested that they would not want to share control of it with Scotland.
Control is obviously quite important economically. Currency controls are used to control the economy overall, such as by adjusting interest rates to control inflation.
As such the SNP is seeking to resolve this question. Many people are, for a variety of reasons, sceptical of joining the Euro. It is not an absolutely requirement for membership of the EU; in fact the rules merely say that the country must work towards joining and some, including the UK, have permanent opt-outs.
So the short answer is that the SNP is seeking to show that it has an answer to this difficult question, which will hopefully satisfy enough voters to win a future independence referendum.
answered 1 hour ago
useruser
11.3k32744
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
add a comment |
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1 Answer
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1 Answer
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active
oldest
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active
oldest
votes
The SNP's long term goal is independence for Scotland. During the last referendum on the subject, the issue of which currency Scotland would use was an important point of contention. The legal situation is somewhat unclear and, possibly as a tactic to convince voters to remain in the UK, the UK national government suggested that they would not want to share control of it with Scotland.
Control is obviously quite important economically. Currency controls are used to control the economy overall, such as by adjusting interest rates to control inflation.
As such the SNP is seeking to resolve this question. Many people are, for a variety of reasons, sceptical of joining the Euro. It is not an absolutely requirement for membership of the EU; in fact the rules merely say that the country must work towards joining and some, including the UK, have permanent opt-outs.
So the short answer is that the SNP is seeking to show that it has an answer to this difficult question, which will hopefully satisfy enough voters to win a future independence referendum.
answered 1 hour ago
useruser
11.3k32744
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
add a comment |
The SNP's long term goal is independence for Scotland. During the last referendum on the subject, the issue of which currency Scotland would use was an important point of contention. The legal situation is somewhat unclear and, possibly as a tactic to convince voters to remain in the UK, the UK national government suggested that they would not want to share control of it with Scotland.
Control is obviously quite important economically. Currency controls are used to control the economy overall, such as by adjusting interest rates to control inflation.
As such the SNP is seeking to resolve this question. Many people are, for a variety of reasons, sceptical of joining the Euro. It is not an absolutely requirement for membership of the EU; in fact the rules merely say that the country must work towards joining and some, including the UK, have permanent opt-outs.
So the short answer is that the SNP is seeking to show that it has an answer to this difficult question, which will hopefully satisfy enough voters to win a future independence referendum.
answered 1 hour ago
useruser
11.3k32744
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
add a comment |
The SNP's long term goal is independence for Scotland. During the last referendum on the subject, the issue of which currency Scotland would use was an important point of contention. The legal situation is somewhat unclear and, possibly as a tactic to convince voters to remain in the UK, the UK national government suggested that they would not want to share control of it with Scotland.
Control is obviously quite important economically. Currency controls are used to control the economy overall, such as by adjusting interest rates to control inflation.
As such the SNP is seeking to resolve this question. Many people are, for a variety of reasons, sceptical of joining the Euro. It is not an absolutely requirement for membership of the EU; in fact the rules merely say that the country must work towards joining and some, including the UK, have permanent opt-outs.
So the short answer is that the SNP is seeking to show that it has an answer to this difficult question, which will hopefully satisfy enough voters to win a future independence referendum.
answered 1 hour ago
useruser
11.3k32744
The SNP's long term goal is independence for Scotland. During the last referendum on the subject, the issue of which currency Scotland would use was an important point of contention. The legal situation is somewhat unclear and, possibly as a tactic to convince voters to remain in the UK, the UK national government suggested that they would not want to share control of it with Scotland.
Control is obviously quite important economically. Currency controls are used to control the economy overall, such as by adjusting interest rates to control inflation.
As such the SNP is seeking to resolve this question. Many people are, for a variety of reasons, sceptical of joining the Euro. It is not an absolutely requirement for membership of the EU; in fact the rules merely say that the country must work towards joining and some, including the UK, have permanent opt-outs.
So the short answer is that the SNP is seeking to show that it has an answer to this difficult question, which will hopefully satisfy enough voters to win a future independence referendum.
answered 1 hour ago
useruser
11.3k32744
answered 1 hour ago
useruser
11.3k32744
answered 1 hour ago
useruser
11.3k32744
answered 1 hour ago
useruser
11.3k32744
11.3k32744
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
add a comment |
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
I think that Denmark is the only other country with an explicit opt-out under the Maastricht Treaty. The remaining seven EU countries without the Euro have just dragged their heels, and the EU hasn't seen fit to press them on the issue.
– Michael Seifert
59 mins ago
add a comment |
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It's one of those things that although obligatory is not exactly enforced (check this answer). The SNP knows perfectly well that they will be able to maintain their own currency if they so desire. Likely none of the other members would complain about it unless Scotland would start doing some detrimental currency policy. Typically the EU negotiates some kind of rate of exchange between both currencies to avoid abuse from either side.
– armatita
2 hours ago